Question 17:Briefly explain the next three steps in the process of planning which the manager will have to have to follow after using conjecture about what might happen in the future.
The correct answer is – After using conjecture about what might happen in the future, the manager will have to follow the next three steps in the process of planning, which are as follows:
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Setting objectives: The manager should set clear and specific objectives for the plan. These objectives should be aligned with the overall goals of the organization and should be measurable, achievable, and relevant to the specific situation.
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Developing alternative strategies: The manager should develop multiple alternative strategies to achieve the objectives identified in the first step. These strategies may include different approaches to resource allocation, marketing, production, and other key areas of the business. The manager should evaluate each alternative strategy based on its feasibility, effectiveness, cost, and potential risks.
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Evaluating and selecting the best strategy: The manager should evaluate each alternative strategy based on its feasibility, effectiveness, cost, and potential risks. The manager should then select the strategy that is most likely to achieve the objectives identified in the first step. This strategy should be communicated clearly to all stakeholders, and an action plan should be developed to ensure successful implementation. The manager should also develop a monitoring and evaluation plan to track progress and make any necessary adjustments to the strategy over time.
